Utsav Somani, who has been leading AngelList for the last seven years, has left the investment firm to start a new venture. Utsav Somani has launched Offline, a member-exclusive club for tech startup founders and chief executive officers (CEO).
This comes after Utsav left AngelList India as CEO in July. AngelList was founded in 2010 as an online introduction board for tech startups that needed seed funding.
Since 2015, the firm transformed and started allowing startups to raise money from angel investors. Utsav Somani is credited for bringing AngelList to India.
What is Utsav Somani’s latest venture?
Utsav Somani has announced the launch of Offline, a new venture aimed at bringing the top Indian startup founders together and forming a community to upskill and discuss the problems challenging their growth.
Somani was able to raise $2 million for this new venture from the founders of Groww, Razorpay, Polygon, CoinDCX, Shiprocket, Ultrahuman, BharatPe, Park+, M2P, Fashinza, Xiaomi, GoKwik, Dr. Vaidya’s, The Moms Co., and Mosaic Wellness.
Better Capital, DeVC, Huddle, Riverwalk Ventures, India Silicon Valley, and influencer-turned-investors Tanmay Bhat and Shlok Srivastava also invested in Somani’s new venture.
Somani’s new venture is inspired by US-based startups like Tiger 21 and Hamptons, which offer peer-based membership networks to selective founders and CEOs.
The eligibility for the membership
According to Utsav, The new platform is expected to have no more than 100 members, and applicants must meet these criteria: $5 million raised or $5 million in revenue, or $10 million in a previous exit to qualify for the membership.
Before applicants are accepted, several discussions take place, according to the founder. Members are grouped into small teams, or “pods”, with 6-7 other individuals who share similar interests. These groups will hold confidential monthly meetings guided by a trained executive coach, adhering to a strict privacy policy.
These meetings, structured around a guide created by global business coaches, may cover a variety of topics, including investment strategies, delegation techniques, energy audits, mental health discussions, daily routines, and best practices, among others.
Furthermore, the initiative aims to foster a community spirit among seasoned startup founders by organizing talks and workshops on topics beyond the business realm. This is to provide them with a sense of belonging outside their professional circles and large-scale events.
Members can also connect with peers from other chapters either online or during annual retreats. The annual membership fee is set at Rs 5 lakh.
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